Episode 339: Debt, Demand, and Neoclassical Confusion
Guest: Steve Keen
KMO welcomes Steve Keen, author of Debunking Economics back to the C-Realm to discuss the particulars of Steve's recent blogosphere joust with Paul Krugman. Steve explains that Neoclassical economists, like Krugman, do not include debt, banks, money or energy in their economic models which puts them at a distant remove from the real world systems they are supposed describe and predict. The conversation includes discussion of climate, peak oil, and an economy in which even big energy producers like Chesapeake Energy are more focused on financial speculation than on industrial activity.